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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: mishedlo who wrote (89589)	11/2/2008 11:37:22 PM
From: studdog	Read Replies (1) of 116555

Austrian answers to my questions: posted 2 days ago Do We Need More of Keynes Now? mises.org The Austrians are great at demolishing Keynes and Friedman but unless I have missed something, their only prescription for an economic downturn such as ours is to do nothing. This ultimately may work in the long run, but as Keynes famously said, "we are all dead in the long run" and for all practical purposes the Austrian school is fantasy because no government is going to embrace it in its pure form. Half ass attempts to embrace it, such as our recent bastardized form of laissez faire are doomed to fail (see The Myth that Laissez Faire Is Responsible for Our Present Crisis mises.org ) Maybe the Austrian School will rise as a Phoenix from the ashes of our burnt out post depression civilization and form the basis of a new system but it ain't happening now.

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